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There is no dearth of financial advisors in the country. Every one represents him/her as a sensible, well-intentioned financial advisor. Relationship managers at banks are no different. They portray to have the clients best interest in mind all the time. But that's seldom the case!
Take for instance the case of Mr Shivraj Puri...
Not too long ago (in 2010) Mr Shivraj Puri, a relationship manager with Citibank's Gurgaon branch (now called Gurugram) duped his clients for Rs 350 crore. This was the least expected of a seven-year veteran from the wealth management team of an esteemed international bank. Mr Puri channelled hard earned savings of 30 investors into the stock markets without their consent. He was suspended after the bank lodged a police complaint. He was booked for suspicious transactions, forgery, and criminal activities. The Courts pronounced Mr Puri guilty under various sections of the Indian Penal Code (IPC) and was sentenced to 2 years & six months imprisonment, plus a fine of Rs 10,000.
There are countless cases across the world where investors/clients (including celebrities) have been duped falling prey to sweet-talk of financial advisors. Relationship managers / agents / so-called financial advisors, have put their vested interest at fore; hauled out the most from the clients vide incentives / commissions. They tiptoe around real financial planning, and as a result you, the investor suffers; as they don't stand as 'Financial Guardians' who handhold in the journey of wealth creation and achieving financial goals. Many financial advisors have just resorted to unethical practices and made hay when the sun shines. This is disrespect to a profession where a financial advice should be given with utmost care and prudence.
Besides, as an investor it is your responsibility to protect your hard earned money. So, before you sign on the dotted line, ask these 7 questions to your Financial Advisor/Financial Guardian:
A Certified Financial Guardians (CFG) abides by all these vital aspects. They stand for high fiduciary standards. Irrespective of where you stand in your finances, be wise and seek a second opinion from a CFG. It is time to search for one nearest to you and take an appointment.
PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.
Tata Consultancy Services (TCS) has declared results for the quarter ended June 2016. The company has reported a 3% QoQ increase in consolidated sales while the consolidated net profit was up 0.3% QoQ.
Tata Motors Ltd has reported a 19% YoY and 202% YoY growth in sales and net profits for the quarter ended March 2016.
Idea Cellular has reported a 12.4% YoY growth in the topline and a decrease of 0.4% YoY in the bottomline for the quarter ended March 2016.
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